Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

Bangkok Expressway and Metro / Equity Bottom-Up

<ul><li>We initiate coverage on BEM with a Neutral rating and a 12-month fair value of Bt5.80, based on the earnings yield method using a 4.6% required return.</li><li>BEM is a major transportation operator in Thailand, with market shares of 43% in expressway length and 38% in average daily mass transit ridership.</li><li>Revenue could improve, with a 2026–29E CAGR of ~8%.</li></ul>

We initiate coverage on BEM with a Neutral rating and a 12-month fair value of Bt5.80, based on the earnings yield method using a 4.6% required return.BEM is a major transportation operator in Thailand, with market shares of 43% in expressway length and 38% in average daily mass transit ridership.Revenue could improve, with a 2026–29E CAGR of ~8%.

BANGKOK EXPRESSWAY AND METRO Plc. (BEM): Revenue To Improve, But With Rising Financial Risk